Golem — Another One To Watch!
Golem (GLM) has formed a bottom similar to many other altcoins.
The local bottom at around $0.25 has held nicely. Moreover, after the latest touch, we’ve seen a strong reversal from that level. Now, the token is at a crucial juncture. Here's what you need to watch:
Key Resistance at $0.385
GLM is currently facing strong resistance at $0.385. The token was rejected here several times. Accordingly, the level serves as a potential entry point. For a confirmed breakout, we’ll wait for a daily close above this level. If it breaks and holds, we have a solid trade setup.
Volume and Momentum
Volume has been increasing nicely during the latest reversal, further supporting the shift towards bullish momentum. For the breakout to be sustained, we’ll need to see a continuous increase in volume, especially as we push through and close above the $0.385 mark.
Trade Setup & Targets
• Entry: After a confirmed daily close above $0.385 with solid volume.
• Target 1: $0.44 (~15% potential profit).
• Target 2: $0.53 (~40% potential profit).
• Target 3: $0.64 (~70% potential profit).
